Peru has been ranked as the third most globalized country in Latin America, according to the Ernst & Young’s Globalization Index.

Peru obtained a score of 3.44 out of 10, and maintained the same position it did in 2010.

It placed 41 out of 60 countries, below Chile, at 25, and Mexico, at 36.

According to Gestión, the index takes five key elements into consideration: openness to trade, capital flow, exchange of technology and ideas, international labor migration, and cultural integration.

Peru scored over 3 points in all of the areas, except for ‘exchange of technology and ideas’ where it only managed to obtain a score of 1.9, PeruThisWeek.com reported.

The country increased its score by 0.01. Other countries in the region achieved larger gains, such as Brazil, with 0.01, Ecuador, with 0.05, and Colombia with 0.06.

“We have to emphasize a greater exchange of ideas and technology to enable the country achieve higher levels of competitiveness. Peru’s 41st place is not negative, if we consider that the U.S. is ranked 23 and China at 39,” said Jorge Medina, Country Managing Partner at Ernst & Young.

The ranking was led by Hong Kong with 7.42 points, followed by Ireland with 7.24, and Singapore with 6.88.